Bulletin HASKINS & SELLS 45
Questions Concerning Current Position
ABALANCE sheet, in order most effectively
to serve the many purposes for
which it may be used, must be composed
of items which are properly valued, clearly
described, and intelligently arranged.
This assertion, by dint of much repetition,
may seem to have become a mere
platitude. Yet thereby hang all the law
and the prophets, as it were, covering the
preparation of this important financial
statement.
The necessity for proper valuation of the
various items is obvious. Essential misstatement
of the value of an asset or the
